Northern Star Sells Plutonic Mine to Billabong Gold

Northern Star Resources has signed a conditional sale and purchase agreement to sell its Plutonic gold mine in Western Australia to Billabong Gold Pty Ltd. Billabong is an Australian company controlled by Toronto-based mining executive Chris Bradbrook. The buyer’s intention following completion of the transaction is to list Billabong’s parent company, 2525908 Ontario Inc., on the Toronto Stock Exchange or the TSX Venture Exchange. Under the terms of the sale, Northern Star will emerge as a significant shareholder in this publicly-listed company, giving it an ongoing exposure to the Plutonic mine’s future production and exploration success.

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Evolution Acquires 30% of Ernest Henry, Sells Pajingo

Glencore and Evolution Mining have struck a deal for all of the gold and some of the copper produced at the Ernest Henry mine in northwest Queensland, Australia. For $A880 million and monthly installments equal to 30% of the mine’s production costs, Evolution purchased a 30% stake in the mine, which would entitle it to 100% of Ernest Henry’s payable gold production and 30% of its copper and silver production, subject to an agreed life of mine and block model.

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Independence Group’s Nova Project Nears Production

Independence Group reported that construction of its underground Nova nickel-copper-cobalt project in southern Western Australia is nearing completion and is on target to produce its first concentrates before year-end 2016. After ramping up to full production, the project will produce 27,000 to 30,000 mt/y of nickel, 9,000 to 10,000 mt/y of copper, and 900 to 1,000 mt/y of nickel in concentrates.

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OZ Minerals Earning Into West Musgrave Copper-Nickel Project

OZ Minerals has signed a heads of agreement with Cassini Resources to earn up to 70% of the West Musgrave project in east-central Western Australia. The project area includes the Nebo-Babel nickel and copper sulphide deposits, the Succoth copper deposit, and other high-grade targets. OZ has made an initial A$3 million commitment to fund a detailed scoping study to optimize the project. Further regional exploration will leverage the A$100 million of previously completed exploration.

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